BlockBeats News, May 12, Coinbase has expanded its on-chain crypto lending product to support Solana (SOL), allowing users to borrow up to $100,000 by staking SOL.

This lending service is based on Coinbase's integration with the DeFi lending protocol Morpho on the Base network, which previously supported crypto asset collateralized loans for BTC, ETH, and others.

Ben Shen, Product Lead for Coinbase's Financial Services and Loyalty, stated that adding SOL collateral is an important step for Coinbase to become the "best platform for trading and holding Solana," reflecting its part of the "Everything Exchange" strategy.

According to data, since the launch of this on-chain crypto lending product last year, Coinbase's total loan issuance has exceeded $2.3 billion.

Bitcoin remains the primary collateral asset, with a total loan volume of $2.17 billion; ETH collateralized loans are around $110 million, XRP is $31.6 million, followed by cbETH, DOGE, ADA, and LTC. Coinbase also expanded its lending business to the UK market last month, continuing to advance its on-chain financial service layout.

Despite Coinbase's announcement last week of a first-quarter net loss of $394.1 million and a workforce reduction of about 14%, CEO Brian Armstrong still stated that in the future, "all finance will move to on-chain," and Coinbase is positioning itself around this trend.

Several institutions, including Bernstein, Benchmark, and Rosenblatt, recently maintained a "buy" rating on Coinbase's stock. Bernstein believes that Coinbase is gradually validating the feasibility of its "Everything Exchange" strategy.